Pakistani Cryptocurrency Scammers Get Jail Sentence

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Pakistani Cryptocurrency Scammers Steal $250,000 From Businessmen In China, Get Jail Sentence
By Carl T - March 11, 2019

Bitcoin-Scammers-from-Pakistan-Steal-250000-from-Chinese-Businessmen-and-Receive-Jail-Sentence

Three criminals from Pakistan have been sentenced to one year in prison each after participating in a Bitcoin (BTC) scam. The information was released by The National on March 11. The gang pretended to be selling Bitcoin in order to steal businessmen large sums of money.

Scammers Sentenced To Jail
A court in the UAE has sentenced to one year in prison to these three individuals from Pakistan that were stealing funds to businessmen. As soon as they serve their year in prison they will be deported from the UAE.

Four Chinese businessmen were invited to an apartment in Dubai, specifically in Al Rafaa, on March 29, 2018. Defendants showed documents related to the ownership of Bitcoin, but the apartment in which they were was raided by police officers. However, these police officers tied the businessmen up rather than the Pakistani individuals.

One of the businessmen commented about this situation:

“They stole the money and our mobile phones then locked us inside the apartment and fled.”

Police were able to detect the suspects due to a number plate of one of the cars they used when they left the scene. Eight defendants were charged, however, three 38-year-old men from Pakistan were convicted.

The other individuals, one from India, another from Bangladesh and three more from Pakistan were acquitted due to lack of evidence.

Although the cryptocurrency market fell since January 2018, the blockchain analysis company CipherTrace released a report in which they informed that in 2018 there was stolen $1.7 billion in crypto.

More than $950 million were stolen from cryptocurrency exchanges and other platforms in the space. These numbers presented by the company showed that individuals lost 3.6 times more funds than in 2017.

Users should be very careful when they trade their Bitcoin in person with other individuals. In Taiwan, a group of young investors lost their coins when a gang stole their funds during a face-to-face transaction.